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Real Estate Due Diligence: What Every Buyer Must Check Before Paying in Lagos State by Dennis Isong

Avoid lands tagged as “committed”—this means the government has already planned something for that area.

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Mr. Samuel had finally saved enough to buy his dream plot in Lagos. He was tired of renting and wanted a piece of land to call his own.

One day, he came across a well-dressed agent who promised him a juicy deal—a prime piece of land in Ibeju-Lekki at an unbelievably low price.

The agent assured him that everything was “clean.” No Omo Onile drama, no government wahala. Mr. Samuel was excited.

He visited the land once, saw a few other buyers inspecting, and felt reassured. Without conducting any serious checks, he quickly made payment.

The agent even arranged for a “lawyer” to draft a deed of assignment. Everything seemed perfect.

Two months later, Mr. Samuel decided to start building. That was when the nightmare began. A group of fierce-looking men stormed the site, shouting that the land belonged to their family.

They claimed they never sold it to anyone. Confused and scared, Mr. Samuel tried calling the agent—his number was switched off.

The “lawyer” who drafted his deed had disappeared too. He went to the Lagos State Land Registry, only to discover that the land was government-acquired. Mr. Samuel had lost everything.

His hard-earned savings, his dreams, and his peace of mind. This could have been avoided if only he had done proper due diligence before paying.

What is Due Diligence in Real Estate?

Due diligence means verifying everything about a property before committing to buy it. It’s like running a background check to make sure you are not about to throw your money into a trap.

Lagos is notorious for real estate fraud—Omo Onile disputes, fake land documents, and government-acquired properties being resold illegally. One wrong move and you could lose millions.

So, before you pay a kobo, here are the critical things you must check:

1. Confirm Ownership: Who Really Owns the Land?

Never assume the person selling the land is the real owner. People sell land they don’t own every day in Lagos. Some are tenants or relatives of the real owner, while others are pure scammers.

What to Do:

●      Ask for the title documents (C of O, Deed of Assignment, Governor’s Consent, or Survey Plan).

●      Go to the Lagos State Land Registry (Alausa) to verify the document. If the land is not registered, don’t buy it.

●      If it’s family land, ensure all family members involved sign the documents to avoid future disputes.

2. Verify Land Title and Documents

Even if the seller shows you a C of O, don’t trust it blindly. Fake C of Os and land documents flood the market. Some lands also have government restrictions, meaning they can be demolished anytime.

What to Do:

●      Conduct a search at the Lagos State Lands Bureau to verify if the title is genuine.

●      Cross-check survey plans at the Office of the Surveyor-General to confirm the land’s coordinates and whether it falls under government acquisition.

●      Engage a trusted real estate lawyer to help you review the documents.

3. Check for Government Acquisition Issues Lagos State is aggressive when it comes to land acquisition. Some lands are meant for future government projects but are still being illegally sold to unsuspecting buyers.

What to Do: ●      Visit the Lagos State Ministry of Physical Planning and Urban Development to check if the land is under acquisition.

●      Avoid lands tagged as “committed”—this means the government has already planned something for that area.

4. Conduct a Physical Inspection—Don’t Rely on Photos Many buyers have fallen victim to real estate scams because they paid for land they never saw. Some agents take buyers to a different land, collect money, and disappear.

What to Do:

●      Visit the land multiple times—morning, afternoon, and evening. ●      Talk to neighbors and ask questions about the land’s history.

●      Check for any signs of disputes (e.g., different people laying claims to the land).

5. Avoid Verbal Agreements—Everything Must Be in Writing Many people have lost money because they trusted verbal agreements. Some sellers will promise you land and later deny ever meeting you.

What to Do:

●      Ensure you have a proper sales agreement signed by both parties.

●      The agreement should be prepared by a trusted lawyer, not the seller’s lawyer (to avoid conflict of interest).

●      Every payment must be documented, and receipts issued.

6. Investigate the Seller or Real Estate Company Some real estate companies in Lagos operate like Ponzi schemes.

They sell lands that don’t belong to them, promising fake allocations.

Before you pay, verify! Before you sign, investigate! Before you trust, confirm! And if you need expert guidance, reach out to a trusted real estate professional (like me) who can help you avoid the pitfalls.

What to Do:

●      Research the company’s history and reviews from past buyers.

●      Confirm their RC number and check if they are registered with CAC.

●      Visit their physical office and ask tough questions. 7. Beware of Omo Onile Wahala Omo Onile (land grabbers) can frustrate landowners with illegal fees and disturbances.

They can show up after purchase, demanding extra money or threatening to seize the land.

What to Do:

●      Buy land in secured estates to avoid Omo Onile drama.

●      If buying directly from a family, ensure ALL family members agree to the sale.

●      Have a lawyer draft an indemnity clause in your agreement to protect you from future Omo Onile claims.

8. Know the Land Use Purpose

Not all lands are meant for residential buildings. Some are strictly for commercial, agricultural, or industrial use.

What to Do:

●      Check the zoning regulations at the Lagos State Ministry of Physical Planning.

●      If you’re buying for business, ensure you won’t run into legal troubles later.

Don’t Let Greed and Urgency Lead You Into a Trap Many people fall victim to real estate scams because they are in a rush or want “cheap land.”

Lagos is a tough market—if a deal looks too good to be true, it probably is.

Remember Mr. Ade’s story? Don’t let it happen to you. No matter how urgent the deal seems, take your time to verify everything.

Due diligence is not a waste of time; it’s the only thing standing between you and financial disaster.

Before you pay, verify! Before you sign, investigate! Before you trust, confirm! And if you need expert guidance, reach out to a trusted real estate professional (like me) who can help you avoid the pitfalls.

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Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

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The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

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Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

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File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.

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Business

Naira Exchange Rates At The Parallel/ Official Market Tuesday, 21 July

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BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 410 Sell ₦1,415

GREAT BRITISH POUND (GBP) Buy ₦1,890 Sell: ₦1,910

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,380.11

GREAT BRITISH POUND (GBP) ₦1,857.35

EURO (EUR) ₦1,575.95

SWISS FRANC (CHF) ₦1,705. 31

JAPANESE YEN (JPN) ₦8.50

CHINESE YUAN (CNY) ₦203.94

WEST AFRICAN CFA (XOF) ₦2.40

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,874. 32

SAUDI RIYAL (SAR) ₦367.49

SOUTH AFRICAN RAND (ZAR) ₦83.69

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